Economic Calendar Analysis
On Tuesday, watch out for the German Flash Manufacturing and Services PMI survey results from Markit at 07:30 GMT.
On Wednesday, the rate is bound to move due to the release of the Federal Open Market Committee Meeting Minutes at 18:00 GMT.
On Thursday, the US quarterly Preliminary GDP data at 12:30 GMT is set to confirm or deny whether the United States have entered a recession. A recession is defined by two consecutive quarters of decline in the Gross Domestic Product.
EUR/USD hourly chart's review
If the currency pair declines below the 1.0650 mark and the weekly R1 simple pivot point at 1.0649, it could immediately find support in the previous May high level zone at 1.0626/1.0643. Further below, note the 1.0600 mark and the approaching 50-hour simple moving average.On the other hand, a continuous recovery of the Euro against the USD might encounter resistance in the 1.0675 and 1.0700 levels, before reaching the weekly R2 simple pivot point at 1.0737.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has bounced off the support zone of the 2017 low levels.The ongoing surge could encounter resistance in the 50-day simple moving average near 1.0750 or the upper trend line of the 2022 channel down pattern near 1.0800/1.0850.
Daily chart
Read More: Technical Analysis
Traders remain long with pending sell orders
On Monday, on the Swiss Foreign Exchange trader open positions were bullish, as 66% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 52% to sell the Euro against the USD.